Fund manager Henderson has moved into the lead in the battle for control of New Star Asset Management, with a bid estimated at £120m.

A short list of three bidders has shrunk to two, with Aberdeen Asset Management having dropped out. Schroders is still involved, but is considered unlikely to trump Henderson’s offer.

The bid battle is expected to end in weeks, and is likely to lead to the departure of New Star founder John Duffield.

Sunday Times, Sunday Telegraph